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Oil and gas exploration company Lekoil said the Nigerian government had approved the extension of the company's exploration licence for three years.
The grant of the licence required the holders of the licence to pay an extension fee of US$7.5m within 90 days effective from 2 Aug 2019.
The company expected to fund 1005 of the licence fee from a mix of existing financial resources and a potential funding partner, as previously announced on 30 Aug.
Both Optimum and Lekoil Nigeria had agreed to progress the appraisal of the licence block after which a full field development programme would be undertaken for which, Lekoil and Optimum were in advanced discussions with a potential funding partner.
At 8:14am: (LON:LEK) Lekoil share price was +0.57p at 6.77p